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The 500 Club: Altcoins From the Depths

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The market cap top-100 gets all the attention, but for every EOS or Ripple that gets mentioned on a daily basis, there are a hundred other altcoins that fail to make the RSS feeds.

Today we’re going to shine the spotlight on a few altcoins that find themselves hovering around the 500-599 spots in terms of market cap rankings – for good or bad.

Some are languishing there, waiting to slip ever lower. While others are merely passing through, en route to the greener pastures of the upper ranks.

We’ve picked a bunch of them out at random and given them the attention they may have been lacking. Some of them tell a story of tragedy, while others still retain some hope of climbing out of their current rut and making it to the big time. In no particular order, here’s a selection of members from the 500 club.

ConnectJob (CJT) – #552

ConnectJob is a blockchain-powered mobile app which acts as a kind of AirBnB for freelance workers. Workers and employers can connect with each other via direct messaging, and use CJT tokens to conduct transactions and deliver payments.

The decentralized marketplace format is one that we’ve seen pop up all over the place recently; with firms launching platforms to connect couriers (DAV Network), portfolio traders and managers (ICONOMI), and even waste processing crews (SwachhCoin).

Likewise, the freelance job marketplace idea has already been picked up by several firms, including another from the 500 club that’s also included in this list.

Market cap statistics only became available for ConnectJob in May, and a sudden peak to a recent high of $0.105 was followed by a month of gradual decline which saw it sink to $0.05 by May 30th.

Since then, however, CJT’s fortunes have started to look up. Steady upwards movement since the dip of May has left CJT trading at $0.0631 at the time of writing, and it has recorded a 5% growth in the last 24 hours.

The ConnectJob app is already available for download via Google and Apple app stores. With a working product already in place, it would seem the only thing left for ConnectJob would be to focus on marketing and adoption. Maybe then we’ll see CJT push up the rankings.

Hackspace Captial (HAC) – #551

Hackspace Capital is a young startup which seeks to establish itself as a provider of co-working spaces for disparate businesses and industries across the globe.

With several hubs already set up in Europe and Russia, Hackspace Capital comes with a real-world use case and an established foundation of users.

Perhaps that’s why HAC tokens have jumped 134% in value over the last 24 hours, with near 200% growth being shown over the last few days, which possibly signals organic growth as opposed to merely hectic market behaviour.

Hackspace has shown a downward trend ever since February, but has started to lean back and aim itself upwards in the past week or so.

This could be one to watch, as the company set up new physical hubs across multiple continents.

Stealth (XST) – #548

Stealth looks to take its place among the long list of privacy coins which have gained prominence in recent years, and utilizes the Tor Network for increased anonymity.

The team say their platform’s use of Quantum Proof of Stake (QPoS) and Tor is a first of its kind hybrid in the crypto world. Stealth also comes with its own dedicated browser for Windows and OSX.

With these kind of features to its name, it begs the question as to why Stealth isn’t ranked higher than it is.

Well, the Twitter page for the project has a fairly respectable 12,000 followers. However their Telegram channel only has 132 members, and looking around online it seems that the Stealth project suffers from the lack of a marketing budget.

This tends to be the case for many coins outside of the top 100, but it leaves the door open for potential growth in the future, as many development teams focus on the code first and the marketing second.

PinkCoin (PINK) – #549

PinkCoin is a charity/tipping coin, used in a similar way to Dogecoin. Both have been at the forefront of major fundraising drives, and both seek implementation as a direct and easy donation service free from centralized authorities.

PinCoin has been around since 2014, and their market cap activity for most of that period shows a flat, inactive line – with daily trade volumes landing at around $75 as late as 2016.

But everything changed for PinkCoin when 2017 came around, and a steady rise throughout the year resulted in a peak trading volume of $3 million on January 9th.

A slow decline set in following January’s crash, and PinkCoin has been sliding downwards ever since. However, PinkCoin’s tumultuous activity over the past year has ultimately been kind to it – its current price of $0.018 is still a near 3000% rise on its early 2017 levels of $0.0006.

PinkCoin has lost nearly 20% in the past 24 hours. Its trading volumes have been stuck in the five-figure range for a while now, and its future seems uncertain at this point.

CanYaCoin (CAN) – #595

CanYaCoin is the second platform in this list which aims to connect freelance workers directly with employers via their decentralized network.

CanYa comes in the form of a mobile app, and seeks to revolutionize the freelance employment industry.

Existing freelance employment platforms either charge exorbitant fees (Upwork), or have become so bloated and saturated that they’ve stopped accepting new members (Upwork again).

CanYaCoin looks to do for the freelancing industry what Uber did for the taxi industry – pick it up, give it a good shake, and then throw it away where it can’t harm anyone any longer.

Market cap rankings for CanYaCoin only began in late January, and its six month charts make for depressing viewing since then.

From a peak of $4.93 in early January, CanYaCoin has slid almost directly to a value of $0.14.

That’s a reduction in value of 97%.

Yet CanYa continue to push their project forward, and regardless of its market performance in the last six months, many freelancers are still hoping for big things from CanYa.

The freelance gig economy is on the rise worldwide, and most research suggests that over 50% of Americans and Europeans will be employed in the gig economy within the next 5 years; so CanYa could have a possibly huge market within which to ply its skills.

NapoleonX (NPX) – #537

Napoleon (NPX) is a crypto asset trading platform which uses AI trade bots to carry out daily sales and purchases.

The firm built their bots over a 10-year research and development drive, which benefited from the collective 50 year financial and banking experience of their team and advisors.

NapoleonX is currently pushing to win a European regulatory Asset Management License, and aims to become a reputable and trusted trading platform within the wild west of the crypto trading world.

NPX tokens peaked at $0.59 on April 24th, before dropping all the way to $0.25 on June 6th. A couple of days later and NPX tokens reached a value of $0.35 – a near 40% increase over 48 hours.

At the time of writing, NapoleonX is worth $0.30, and is showing a 24 hour trading volume of around $40,000.

NPX can be traded against BTC or ETH on the IDEX and IDAX exchanges.

Matryx (MTX) – #511

Matryx is a California-based blockchain startup which provides a 3D-Virtual Reality interface for design developers.

Users plug into the VR and start designing their chosen models in virtual space, with what the firm describe as ‘nanoscale’ precision. The Alpha release of the platform involves users taking part in design competitions in the hope of winning MTX tokens.

Some competition bounties are currently priced at 10,000 MTX – a dollar equivalent value of just under $4,000 based on the current MTX trading price of $0.38.

MTX is up 1.4% for the day at the time of writing, but has done nothing but sink since the recent high spot towards the end of April where it almost breached the $1 mark ($0.981).

If market readings are taken from March, however, we can see a net gain of 65% – even accounting for the disappointment of May. MTX tokens went from a price of $0.23 to $0.38 over that time, with peaks and troughs in between.

If the Matryx VR tools turn out to be as good as they’re claimed to be, then even a modest marketing push would see the firm increase upon its current twitter following of 2,000.

Right now Matryx is ranked at #511 on CoinMarketCap, but its $0.25 million trade volume for the day eclipses the #38 ranked Maker (MKR) token, which has logged just $95,000 in the last 24 hours.

Many of you will be familiar with these 500 club members, while for others this will be the first and last time you hear about these altcoins before they return to the obscurity from whence they came.

Ultimately, many of these could go either way, so don’t be surprised to see them out of the 500 club before long. Whether they move up or down in anybody’s guess.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 103 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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2 Comments

  1. Koingazer

    June 9, 2018 at 9:30 pm

    I really enjoyed this article and would like to thank you for shining a light on some coins currently in the back of the pack so to speak. I have gambled on these coins from time to time and have had both wins & losses but my wins outweigh my losses so I’m happy about that. Full disclosure here I have never or currently invested in any of these coins and only 2 of them have come across my radar. However going forward I will take a deeper look at these coins as I say to possibly take a gamble on. Thumbs up

  2. Greg Thomson

    June 9, 2018 at 9:56 pm

    Glad you enjoyed it, Koingazer. Keep an eye out for more articles we’ve got coming up on some of the lesser known altcoins.

    (Nor do I own any of these coins, they were picked purely according to my curiosity)

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Stellar Price Analysis: XLM/USD on the Road to Losing the $0.10 Mark; Coinbase Can’t Save XLM for Now

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  • XLM bears are pressing hard for a drop below the big $0.10 mark, as markets remains down across the board.
  • There could be room for another 8% price drop if support is broken, looking via the XLM/BTC chart view.

Stellar’s XLM is subject to giving up the big $0.10 level. Across the board there have been a several key psychological price breaks. Cryptocurrencies are being forced to give way, due to strength of the current bear market. When prices drop below these closely looked at levels, it only seems to spark further worry and panic. A fresh wave of selling pressure is then invited. Over the past five weeks, XLM/USD has fallen a chunky 63%, from the $0.29 territory, down to a recent low of $0.1010.

Consolidation Mode – Bears Rubbing Paws Together

XLM/USD daily chart

Over the past four sessions, there has been some stabilization following the deep push on 6th December, where XLM/USD fell to $0.1010. The price is moving within consolidation mode, something that is seen across the market. Technically, this only spells more danger – a calm before the storm potentially for cryptocurrencies. This type of behavior has been seen over and over again during this aggressively stubborn downward trend.

What if $0.10 is Breached?

As noted on numerous occasions, this move is uncharted territory already, falling from the heights seen at the start of the year. Market participants are already fueled with a serious amount of FUD, so such technical breaks will only cause more damage. This isn’t due to anything fundamental relating to the Stellar foundation, as their developments continue to remain very much sound and strong. One must gauge how further this can fall, via XLM/BTC chart view.

Technical Review – XLM/BTC

XLM/BTC daily chart

XLM/BTC continues to flirt with a critical area of support, and a failure to hold will be catastrophic. This zone held in the most recent fall on 7th December; despite the long lower wick below, the price still managed to close above. XLM/BTC has not been and closed below 0.000035 territory since September 19th. Should a breach occur, which if the current pace of momentum maintains its course could very well happen, another 8% drop may follow.

Lastly, it is worth keeping an eye out of the potential formation of a head and shoulder pattern. The left shoulder and head have been crafted via XLM/BTC daily chart. There is certainly a possibility that the bulls come back to life, forcing a bounce at the above-mentioned support. A right shoulder could then move towards heights back within the $0.00004000-4500 range. This is where the next major of supply can be observed.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 79 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Ethereum Price Analysis: ETH/USD is a Sitting Duck Under $100; with Jitters Heading into Constantinople Upgrade

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  • ETH/USD is subject to further downside, as the price produces another range-block.
  • There is some nervous anticipation across the community heading into the Constantinople upgrade.

ETH/USD is a sitting duck underneath the big psychological $100 mark. Just like every other cryptocurrency, Ethereum (ETH) remains firmly on the back foot. Over the past five weeks, the price is down a chunky 63%, from the pick up in downside pressure on the 7th November. Despite a minor form of stabilization over this past few days now, ETH is still very much vulnerable. It has been moving within consolidation mode, as seen across the board, a range-block formation can be observed. This behavior suggests that is susceptible to a breakout south.

Constantinople Upgrade Jitters

Following the Ethereum developers confirming the Constantinople upgrade, there has been some concerns. It was last week noted after a developers call that this will take place in mid Jan 2019, as covered via Hacked . Across the community things appear to be somewhat jittery heading into the upgrade. One thing that has raised eyebrows is the reward for miners. This is anticipated to be brought down to 2 ETH from 3 ETH. Given the fact also the plummet in the Ethereum price this year, this in addition does not help things. There is also speculation that, should there be much disagreement, the network could even split, as an extreme case.

Technical Review – ETH/USD

ETH/USD 4-hour chart

Looking via the 4-hour chart view, price action has narrowed over the past four days. This coming after further intensity hit ETH/USD to the downside. As we have seen time and time again, such price behaviors following excessive movements. It tends to be exhaustion from the sellers, allowing time for consolidation of the price, before going in for the kill.

Price action is moving within a range-block, which is subject to another explosive move lower, as it currently appears. The psychological damage of ETH sitting below the big $100 mark does not help sentiment either.  Support to the downside within the current range, should be noted at $84. Near-term resistance is seen at the $100 mark.

ETH/USD weekly chart

As described, the major near-term support is seen at $84. A break to the downside could open the door to another wave of sellers. The weekly chart view looks worrying, as should a breach occur at the mentioned support, the price could plummet. Eyes would next be on the $65 territory; ETH/USD last traded her at the start of May 2017.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 79 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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MobileGo (MGO) Is Up More Than 40% Since Thanksgiving

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The last few weeks have been an extremely challenging time for crypto enthusiasts.  Major coins like Bitcoin (BTC) and Ethereum (ETH) have been demolished while many smaller alternative coins have done even worse.  Fortunately, there are still a few bright spots left in the market that traders may want to turn their attention toward.  One of those bright spots is MobileGo (MGO).

Price Surge

Although most cryptos have taken a severe beating in the past few weeks, MGO has done just the opposite.  As seen in the chart below, MGO has soared by more than 40% since Thanksgiving.

A few of the reasons for the surge include being in an industry with rising popularity, innovative methods of earning gaming currency, and key strategic partnerships.

Exploding Popularity of the Gaming Industry

Despite the volatility in the cryptocurrency markets, blockchain remains one of the most exciting technologies being developed.  Blockchain has the potential to disrupt global industries and take them to levels once thought impossible.  MobileGo is attempting to do just that in the gaming industry.

The Gaming market is an extremely exciting opportunity as the industry is growing by leaps and bounds.  According to Market Researcher, Newzoo, the global games market is expected to grow from $137.9 billion in 2018 to more than $180.1 billion in 2021.

GShare Development

One of the company’s main innovations is the development of GShare.  GShare is a special tool which allows its users to earn GShare Gold coins by harnessing the power of their computers.  In this way, it’s very similar to cryptocurrency mining.  These coins (not cryptocurrency) are a soft currency which will be earned as soon as the user runs the app and presses the “start” button.  Users can play their favorite games, work, or simply browse the internet.

Additionally, gamers can also earn GShare Gold Coins by entering tournaments.  There is a wide variety of tournament options so that players can choose tournaments that fit their interests and skill levels.  In this way, it’s really an open environment that caters to individuals of all backgrounds.

Once the coins are earned, users will have several different redemption options that include the following:

  • Tournament Entry Fees
  • Social Activity Platforms

The option to use the coins through social media avenues is extremely interesting.  This presents an opportunity for the coins to gain international recognition by uniting different groups of people for positive results.  These social activity opportunities should become clearer soon.

Xsolla Partnership

MGO coins can be earned through special promotions, exchange trading, or by winning tournaments.  The last one is especially important as it’s directly related to GShare.  Users can use their GShare Gold coins to enter tournaments that fit their skill level.  And, if successful, users will earn MGO coins by performing well.

Being able to earn MGO coins by winning tournaments is very exciting considering the recent partnership news with Xsolla.  Xsolla provides game developers with a comprehensive suite of flexible tools and service to help launch, monetize and scale their games globally.  In late October, Xsolla announced that it would start accepting made-for-gaming cryptocurrency, MobileGo, for its PC and mobile games partners.

The partnership means that developers will be able to receive royalty payouts in MGO cryptocurrency.  As stated earlier, the gaming industry is expected to grow significantly in the future which makes this a very compelling opportunity.  As blockchain technology and gaming continue to grow in the future, it’s safe to assume that more and more game developers will be interested in cashing out via cryptocurrency.  MGO being an option this early in the game is a massive advantage.

Conclusion

Although it’s still early for MobileGo, the company appears to be making all the right moves in an effort to attain blockchain gaming dominance.  Only the future will tell whether the company will prove successful, but things certainly appear promising at the moment.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.8 stars on average, based on 13 rated posts




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